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Clover Partners says Metro should seek partner, worth $29-$30 per share

Clover Partners, a shareholder of Metro Bancorp, sent a letter to the board of Metro, which reads in part: "We believe Metro should seek a strategic partner. In our opinion, Metro’s core deposit franchise and geography would garner a substantial premium to its current share price. We believe there are multiple larger banks with strong currencies which would vie for the opportunity to enhance their franchise through an acquisition of Metro. Based on recent terminal multiples in similar geographies (transactions in excess of $75M deal value), we believe Metro is worth $29-$30 per share in a sale (171%-179% P/TBV). We are aware that two other large shareholders have recently filed Schedule 13-Ds. We agree with these stockholders’ concerns and urge the board of directors to retain an investment bank to explore strategic alternatives to maximize shareholder value."